Industry

Postal payments bank to be set up in major districts

The Government is firming up plans to set up 650 branches of India Post Payments Bank at all major district headquarters by September 2017, Telecom and IT Minister Ravi Shankar Prasad said on Saturday in a letter to all postal employees.



“The India Post Payments Bank shall be set up with an investment of Rs.800 crore. The plan is to roll out 650 branches at all major district headquarters so that it may leverage the extensive outreach of the Department of Posts,” Prasad said in the letter.



The Cabinet on June 2 cleared the proposal to set up India Post Payments Bank (IPPB) with a corpus of Rs.800 crore and a plan for 650 branches operational by September 2017. It will be scaled up further to cover the entire country by the end of 2018-19.



“The Prime Minister has urged that these 650 branches shall be made fully functional by September 2017,” Prasad said.



DoP is gearing up to launch the payments bank with a workforce of 3.5 lakh.



Prasad, in his letter, reached out to all postal employees for support.



“I earnestly appeal to all employees of the department and the Grameen Dak Sevaks to take pride and ownership in establishing the India Post Payments Bank which truly serves the cause of Antyodaya — serving the last man standing,” he said. He said that the postman has a vital emotional connect and is almost part of every family in villages.



“In the coming days, the role of all employees, including Grameen Dak Sevaks, will be very significant in successful rollout of the Payments Bank to make financial inclusion possible for every Indian.

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Printable version | Feb 22, 2020 10:17:36 PM | https://www.thehindu.com/business/Industry/Postal-payments-bank-to-be-set-up-in-major-districts/article14416775.ece

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